Gaining mindshare in US market

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Pledges of Allegiance: Gaining Mindshare in the US Market Presented by: Derek Perkins President, Perkins Associates 1

description

Advice on how to do business in the US for European SMEs

Transcript of Gaining mindshare in US market

Page 1: Gaining mindshare in US market

Pledges of Allegiance: Gaining Mindshare in the US Market

Presented by:Derek PerkinsPresident, Perkins Associates

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Seminar ProgrammeIntroductions

How Big is my Market?

Go West?

Slicing & Dicing the Market

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Marketing – to advertise or not?

Showtime!

Buddying up

Post-September 11th America

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Introductions:Goals of the Seminar

Know issues to be aware of before doing business in US

Learn practical ways of assessing, entering and doing business in the market

Provide contact points and references for further information & assistance

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Introductions: Me

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DP INTERNATIONAL CONSULTING

         

DP INTERNATIONAL CONSULTING

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Introductions: You

NamePositionCompany

Interest in & experience of US marketWhat do you want from this seminar?

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How Big Is My Market?

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How Big Is My Market?

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Malaysia

Argentina

Netherlands

Saudi Arabia

Greece

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How Big Is My Market:GDP Comparisons

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California Italy, UK

New York China, Brazil

Texas Canada, Mexico

Florida Australia, Russia

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Go West?

Not for faint-hearted or uncommitted

Needs senior management involvement

Need to audit company first

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Market entry strategies

Main options:

Agents, distributors & representativesOutsourced support (virtual company)Direct representation - sales & marketing

presence/full subsidiary (in-house/hired)JV/strategic allianceAcquisition

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Market entry strategies:Agents, Distributors, Reps

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Pros Cons

Speed of set up Work for other companies too

Existing client base Strengths may be regional

Knowledge of market Little embedding – hired hand

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Market entry strategies:Outsourced Support

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Pros ConsGood visibility/”own brand” image

Focus on specialist elements, not holistic

Demonstration of commitment

Different companies doing different things

Employees focus on your company’s needs

Little direct exposure to market for company staff

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Market entry strategies:Direct representation

Pros Cons

Own people on ground High cost – financial & human resources

React in best interest to market needs

Steep learning curve – employees know company, not market

Assess strategy & next steps better

High risk if not done right

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Market entry strategies:JV/Acquisition

Pros ConsBuy existing book of business

High failure rate

Resources on ground, momentum

Very high management commitment needed

Established name/brand/presence

Costs and consequences of failure significant

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Slicing and Dicing The Market: Company Size

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500 < SME

20 - 49 Small50 - 99 Medium100 - 500 Large

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Slicing and Dicing The Market: Geography

New YorkLos AngelesChicagoSan Francisco/OaklandPhiladelphia

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BostonWashington, D.C.Dallas/Fort WorthHoustonDetroit

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Slicing and Dicing The Market: Sectors

Consumer goods:North East corridor

Agricultural & industrial goods:Mid West (IL, MI, OH, IN)

Service industry:Everywhere. 80% of US GDP

Growth areas:Arizona, Texas, California

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High-tech:Silicon ValleyD.C.Austin/Dallas/Fort

WorthRaleigh/Durham

Research TrianglePhoenixNew EnglandNew Jersey

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Showtime!Trade Shows & MissionsProbably most common vehicle for market

entryPossibly least effective (if not done

properly):

80% firms – no participation without subsidy

60% failed to follow up leads

50% neutral/negative on results18

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Showtime!Trade Shows & Missions

Best uses:

Gauge local market interest

Meet potential customers/partners

Identify regional markets

Understand adaptation needed

Source: Going Global19

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Showtime!Trade Shows & MissionsPre-trip:

Research partners/customers

Prepare goods/services for US market

Invite targets to booth, lunch, dinner

Send target companies information

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Showtime!Trade Shows & MissionsDuring Missions:

Devise system to capture enquiries & leadsWrite key info on back of business/lead cardsEnter into database Use literature sparingly – 65% handed out at

shows is unreadAsk open-ended questionsSELL!

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Showtime!Trade Shows & Missions

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Immediately after show

2 weeks after show

3 months after show6 months after show

1 year after show 18 months after show

2 years after show

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Buddying Up – Available Support

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Buddying Up – Available Support

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• Core Services:

• Internationalization of SMEs (IOS)

•Tailored Market Information Reports

•Trade Mission Programmes

•International Business Opportunities (IBO)

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Buddying Up – Available SupportDate Market Sector

May Barcelona Multi-sector

June Philadelphia Multi-sector

September Rio de Janeiro Geoscience/engineering (Oil & Gas Expo)

September South Africa (2/3 centres)

Engineering, Automotive, Professional Services

November India (2/3 centres) Medical/Environmental

November L.A. & Las Vegas Multi-sector to LA; IT sector to COMDEX, Las Vegas

December Poland & Czech Republic

Multi-sector

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Buddying Up – Available Support

Export USA initiative5 key elements:

Mentoring Market assessmentMarketing courseTrade fair visitPublicity

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Buddying Up – Available Support

Eligibility

<250 employeesEstablished track record in UKNew, innovative product, system, processNew to US marketNominated by Business Link/Trade Association

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Buddying Up – Available SupportAssistance:

Importing into USMarket researchReal estate & relocationUS subsidiary sourcing Transportation & logisticsAssembly & warehousingImmigrationConsultancy & referral services – legal, financial,

cultural, research

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Buddying Up – Available Support

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Post September 11th & Understanding America

Attitude to lifeTime

LanguageLocalization

Business etiquettePatriotism

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Pledges of Allegiance: Gaining Mindshare in the US Market

Presented by:Derek PerkinsPresident, Perkins Associates

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